Anime-FAN,

Until you owned and paid for 2 houses and can afford to send your children to oversea education, he has more assets than you. He is richer than you.

I judged whether a person is rich NOT by how much they spend but by how much they own (aka asset).

He choose to buy houses instead of cars. He choose to invest on his children's future instead of buying bigger and better TV and other stuffs. He buys assets and invests instead of spending on useless stuff. He is rich!!

Dreamer

Empty vase makes the loudest noise!!

<<Money doesn't make people happier? Lies/Bullshitting.>>

Money is just a tool. It is how you use it that makes you happy or sad.

This post has been edited by dreamer101: Nov 9 2006, 10:32 PM

how rich is rich? Is getting rich the only purpose in ur life?

rich does not only mean you have many money...

sometimes, if you have happiness and always feel enough with you had, you're already rich...rich with happiness...

people tend to get rich but forgoting the purpose of life... even they will make other suffer just to make sure they can be rich...

that why we always heard about corrupting, robbery, snatch thieves, killing nowdays..,

being rich and contributing to the society will make a rich person much more happier

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This post has been edited by Anime-FAN: Mar 19 2015, 01:12 PM

My Economics teacher told us a rather interesting story. There's this fabulously wealthy owner of a music label that decides to go on a vacation in Mexico with his wife. After a night of entertainment, he takes a load off and sets out by himself for a brisk walk. Off in the distance he hears someone playing the guitar and sees the flickering light of a fire - he gets closer and listens to the guitar, entranced. Around the fire are a group of men lounging back in cheap lawn chairs, drinking beers, and having a smoke. The rich guy joins the men for a bit, listening to the guitar player. After the guitar player finishes up, he asks him, "Hey, why don't you start up and get into playing shows and the like? With skills like that, you could do a lot! Imagine all the money that you could make!"

The guitar player looks back at the label owner and asks, "Why would I want to do that?"

The exec replies, "You know, to buy things. You could travel the world, enjoy your life!"

"Why would I want to do that?"

The rich man is getting exasperated at this point, somewhat taken aback by the guitar player's unwillingness to go out and make a name for himself. "You'd get rich with your skills! Think of what you could do with your money."

"What would I do..?"

"You could go on a great vacation. Really take a load off - just sit around with some friends, have a beer, and.."

He cuts himself off.



Money doesn't buy shit in the way of happiness.

hi,
for me, i category rich as a feeling.
i am rich not because i own much
but i am rich because i demand less

people varied over "how much money they need to own" so that they can feel themselves rich. some people, even if they already got 700,000.00, they still felt they are poor and want more. some people, got 100,000.00 and they felt enough ready.

some people work hard, earn lots of money, but in the end, (due to hectic working schedule) they sicked and hospitalized, then all their saving went to doctors' pocket.

if you understand why you are here, your purpose on earth, you are already a rich man/woman coz many people don't know/understand that.

even if you owned 100 houses, 400 bedrooms, but u can only sleep on one bed at one time

for me, i felt life is more rich if i know more stuffs, like making furniture, building house, repair electronics components, cooking , make a crank electric generator and etc etc too much knowledge i wish i could know

not money not enough
but time not enough

This post has been edited by sleepsleep: Nov 10 2006, 08:51 PM

No pain no gain....study alot can make u rich.

i agree with you...

if you already have 1million but still to add it because feel it not enough..., you still not rich...

but if you have 1k and it is enough or too much for you... you already rich..

rich is when you feel enough already..

No, we are not. He is getting rich by being frugal. He is rich even though he does not earn a lot of money.

The problem here is your definition of rich is a person who spends a lot of money while my definition of rich is someone who own a lot of asset.

Dreamer

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This post has been edited by Anime-FAN: Mar 19 2015, 01:12 PM

That is a very realistic goal to be achieved at age 30, if you plan your career path well.
Guitar player is happy because of the guitar, not the money.
If someone gives him the guitar for free, he will still be happy right ?
If he got RM 1 mil and he lost his limbs in an accident, he wont be happy because he cant play guitar.

That's what they mean when they say, money dont make people happier. You can be happy without having shitloads of money.

This post has been edited by luqmanz: Nov 11 2006, 09:32 PM

The entire point that dreamer is trying to make IS indeed on getting rich. Consider the following facts:
- money spent on fast cars, well, money is just spent
- money spent on assets is an investment, and well, using your money to make more money for you

Unless you want to get money in an illegal way, you will get money

A) Earn

B) Save

C) Invest

A) Earn
To earn more than average people, you either work more hours than normal people or somehow you earn more per hour than normal people. You are either better than average people or luckier than average people.

C) Invest
To earn more from your investment, you have to be smarter than other people or taking a larger risk. Most investment are zero sum game. You make money from others mistake. To earn more than FD rate, you have to take a larger risk. And, just taking a larger risk is not good enough, you have to be smart and or else you will be conned by people.

Given that most people are average, so they will earn average income and have average investment. The only thing that they can do and control is to save money more than average people. They have to be frugal.

Is it any wonder that the research on millionaires in USA show that they are frugal across the board. They buy cheaper cars and houses than their peers at the same income level.

Read "The Millionaire Next Door".

It is easier to save more than earn more and invest smarter than average people. You may not be smart enough to do that. So, the fastest way for an average people maybe to save more money than average people for 20 to 30 years.

Dreamer

This post has been edited by dreamer101: Nov 12 2006, 07:29 AM

1) It is not a fact. It is your opinion. As I have shown in my example, a family that never have salary more than 2k per month is probably richer than you with more assets. So, your opinion is wrong!!

2) How many rich people that you actually know?? Aka, first hand information. And, I mean people with a lot of assets as opposed to pretend to be rich (spend a lot of money but own nothing). Almost all rich people that I know personally are very frugal.

3) I know people that earn 6 figures in annual salary in Malaysia and USA. One person has about 2 millions in his company pension alone. He is rich just by working. But, he is not normal aka average people.

It is NOT how much you earn. It is more important how much you save. If you spent most of your earning, you will NEVER be rich.

Dreamer

There is no short cut to be rich. Most of the success stories behind rich people is hardwork first then money make money.
Everyone just see their success and nobody ever think off their hardwork and determination when starting their career. Also, everyone said money make money is the fastest way to get rich, no doubt about it but you at least must have capital first, then using intelligent, knowledge and making decisive and correct investment throughout.

Proper financial management is the key of getting rich.

Be thankful and grateful, then you are a rich man!

100% agree

lol....may be some people think lim kok thong's genting is built by others 1 and he just sit there TT with leng lui every day....

even MLM/insurance, u also need muka tebal, call up people to TT, then treat people...then only people will join as your downline...

got 1 fast way 1...a small RM1 investment might change ur life....1 week just invest 3 times.....

I will just share my uncle's story here:

H work similar to an office boy in his early age, without a university degree, and during his form 3, his teacher thought that the whole class was too stupid and decided to let the entire batch to stay for another form 3. That how the background of H was.

He worked for a few years, saved some money, and he gathered a few partners to opened up a meshed wire business, selling industrial material, those people put inside the concrete and people used to fence their perimeter. Setting up a factory making these material not only required vast investment, it required people skill as well.

It seem like H's partner was not so honest anyway, it is said that he carried away the raw material away from the factory and claimed as his own. The factory is losing money, the partnership, is broken. The business close shop.

This doesnt mean an end for H, he continued his journey, this time, his rich brother steps in, and therefore a partnership among brothers was created. And another factory was set up.

It is not easy to secure industrial customers thou, "You clients wont come to you themselves" H said. H's rich brother(aka CEO of the factory, while H as GM) looking for clients at his lawyer firm(when the people come to make relevent contract, H giving discounts, and try best to make a happy customers.

And then they start making good name for themselves, happy customers introduced more customers. H always said, "If one client just ordered a few roll of meshed wires from you, dont underestimate them but serve them well, you will never know 10 years later he will come back to you with a 10 millions dollar project on hand."

20 years down the road, the factories expanded, a 2nd factory opened up. H is another rich brother in the family.

And when hes rich, he also brought a lot of lands, properties + FD.

...

So if you think the moral of the story is you need to have a rich brother to become success, its awefully wrong. No money doesnt mean impossible, you can always look for financial support. Failure doesnt mean an end, but only mean you learned from mistake and will not repeat again.

The least is that you have to know what you want to do.

cough, hehe

This post has been edited by rexis: Nov 13 2006, 10:42 AM

Dreamer, whats your view on children's education? I mean if a person saves and be frugal lets say for 20 years, by which time his/her child(ren) will need to go to university. Assume on average you are not able to secure a scholarship (most people dont) and you obviously want an acceptable tertiery education for your child (read: overseas), with the value of our ringgit right now, that whole education package for even one child is enough to set a person back by a big amount, in some cases most of their savings over the last 20 years. So, what do you recommend for a person to be financially independant when he/she retires taking into account the big amount he/she will have to spend on their child's education? Is being frugal alone enough?

One suggestion I've heard is to plan ahead and determine where the person wishes their children to study in. Then work towards migrating there, even if it means a career bump, at least you earn the local currency in that country and also the education costs will be local rates as well. He/she can then continue saving in that country's currency which would in most cases be a stronger currency than here. Of course the downside to this is there will be a substantial overhead investment in the initial move. What's your take on this?